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Old Posted Jan 4, 2017, 7:09 PM
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summersm343 summersm343 is offline
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Join Date: Oct 2011
Location: Philadelphia
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Center City site where Little Pete's is located sold

Quote:
Plans for a Hyatt Centric hotel on the Chancellor Street property are moving forward.

An entity affiliated with Hyatt Hotels Corp. paid $25 million for a Chancellor Street property where Little Pete’s restaurant is located and a hotel is planned.

The Hyatt entity bought the hotel portion of the project for $18.54 million, a parking component for $4 million, and a retail portion for $2.46 million. The property spans 1612-34 Chancellor St.

The parcels were sold by an entity affiliated with William McNamara of Haverford Properties and Richard Zeghibe of Patriot Parking, according to Philadelphia real estate records. McNamara, managing member of the partnership that owned the site, couldn’t be reached immediately for comment. A representative from Hyatt, the Chicago-based hotel operator, also couldn't immediately be reached for comment.

Plans for the hotel and related uses have been controversial because it has meant the eventual closing of Little Pete’s, a popular diner that has been at the location facing 17th Street for nearly 40 years. The restaurant received notice that it will need to vacate its space by the end of August, according to a report in the Philadelphia Inquirer.

A new hotel has been in the works on the property since 2014 when Morgans Hotel Group Co. of New York announced plans to construct a $125 million, 300-room hotel. Those plans were ditched for a Hyatt urban brand called Hyatt Centric which is “designed to reflect its urban location and local culture.” The Hyatt Centric will stand 13 stories and total 234,798 square feet of which the hotel will be 190,904 square feet, a 13,157-square-foot will be retail and a 220-space parking garage will total 30,737 square feet. The hotel will have 309 rooms.

The Hyatt Centric will add to the already growing list of hotels under construction in Philadelphia. Center City has seven hotels totaling 1,864 keys in various stages of development, which is a 17-percent increase in hotel-room supply, according to data by Visit Philadelphia. Roughly 973 additional rooms in six additional hotels are in the planning stages.

There are people filling rooms at existing hotels as a result of more conventions, large-scale events such as the Democratic National Convention and a thriving hospitality and tourism industry. Occupancy of the city’s hotels were strong last year as a record 41 million visitors came to the five-county region last year, spending $6.7 billion, according to Econsult Solutions data.
http://www.bizjournals.com/philadelp...s-located.html
     
     
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